The workforce reduction translates to about 70 jobs, leaving the company with about 700 North Texas employees.

Extremely low gas prices necessitated less drilling which means fewer employees; Chesapeake noted they had 44 rigs drilling during the 2008 peak drilling period for the Barnett Shale and that they have only two rigs currently operating with no plans for more to be added.

Oklahoma City-based Chesapeake said the employees that remain in North Texas will focus their attention on the continued operation of 2,700 gas wells across the area.

To date, Chesapeake said they plan to have an additional 60 wells in production by the end of 2012.